Bitcoin is struggling to move higher but still remains around $7,200. It hit a record high on Sunday climbing past $7,600. Bitcoin’s market cap remains over $120 billion. Sheba Jafari, a technical analyst at goldman sachs shared her views with CNBC stating, “the market has shown evidence of an impulsive rally since breaking above 6,044, Next in focus [$]7,941. Might consolidate there before continuing higher.”
Moving over to Bitcoin Cash, which remains in third place with a market cap of over $10 billion. It has become interesting to watch again as we saw it surge again recently. It climbed over $680 on Friday November 3rd but since then has been struggling to move higher. We saw it hit a record high on August 19th.
Let’s see what else is happening in the cryptocurrency world. According to the South China Morning post, China is exploring the option of having its own cryptocurrency. A lead researcher at the PBOC said that “The development of a digital economy needs central bank-issued electronic currency more than ever, it’s crucial to speed up the research and issuance.”
According to the Himalayan Times, the founders of bitcoin exchange Bitsewa in Nepal were arrested recently as part of the country’s cryptocurrency crackdown. On October 6th, the exchange posted on Facebook that the Nepal Rastra Bank officially declared Bitcoin illegal in Nepal taking strict measures such as arresting Bitcoin exchange operators. We have no choice but to come to an end when we just barely started to take off.